Keel Sells Entire 2,520 BTC Treasury for $192 Million

Keel Infrastructure Corp., the company formerly known as Bitfarms, has sold its entire bitcoin treasury and says it will now sell daily production rather than hold a balance-sheet stack. According to Bitcoin Magazine, Keel offloaded 2,520 bitcoin for $192 million in the third quarter, leaving the former miner with only nominal bitcoin holdings as of Sept. 30. The sales covered the 2,261 bitcoin Keel held entering the quarter plus the 259 bitcoin it mined during the period, and the company said it timed the sales during periods of price strength.

Event: From Treasury Strategy to Daily Liquidation

Keel's announcement, reported Thursday, marks the formal end of a bitcoin-accumulation posture the company had pursued under its former identity as Bitfarms (BITF). Going forward, bitcoin mined from Keel's remaining Quebec operations will be sold on a daily basis, a policy the company described as "effectively eliminating the Company's exposure to Bitcoin price movements on treasury holdings," according to Bitcoin Magazine's reporting of the release. That framing is explicit: Keel is no longer trying to accumulate or hold bitcoin as a corporate asset. Instead, freshly mined coins will be converted to cash the same day they are produced.

The shift completes a pivot that began earlier this year when the company, still trading as Bitfarms at the time, started selling down its bitcoin stack and winding down U.S. mining operations to redirect capital toward high-performance computing (HPC) and AI infrastructure. The U.S. redomiciliation to Delaware was completed in April, after which the company rebranded as Keel Infrastructure Corp. and began describing itself as a North American digital infrastructure and energy company rather than a bitcoin miner.

The financial picture accompanying the bitcoin sale shows the scale of that transition. Revenue from continuing operations fell to $28 million from $68 million a year earlier, which Bitcoin Magazine attributed largely to Keel halting U.S. bitcoin mining in the second quarter and to a decline in the average bitcoin price over the period. Adjusted EBITDA swung to negative $27 million from a positive $19 million a year prior, while general and administrative expenses roughly doubled to $34 million as the company hired senior specialists and recorded higher stock-based compensation. Despite the swing to negative EBITDA, Keel reported about $780 million of unrestricted cash as of Nov. 4 and said it currently sees no need for debt or equity financing ahead of signing a lease.

Implications: Betting Power and Land on AI Instead of Bitcoin Price

CEO Ben Gagnon framed the move around power scarcity rather than bitcoin price exposure. "Power supply is getting scarcer while demand keeps climbing," Gagnon said in the release, per Bitcoin Magazine. "Keel's 2027 and 2028 power is further advanced, more secure, and closer to delivery than it was last quarter." CFO Jonathan Mir added that capital deployed ahead of a signed lease becomes equity in project financing, and that the company continuously examines opportunities to recycle capital.

Keel's buildout centers on converting former mining sites into AI-serving infrastructure. Construction began at Moses Lake in September after the company cleared Notice to Proceed, and Keel expects that site to be the first energized location generating HPC revenue in 2027; the company also engineered an optional plan for next-generation Vera Rubin architecture there. Permitting has advanced at Sharon and Panther Creek in Pennsylvania, where load studies could expand secured data center capacity from 478 MW toward nearly 1.9 GW if the Panther Creek and Scrubgrass expansions proceed. Keel has also moved to consolidate older bitcoin mining sites into a single AI campus, with a development pipeline of about 2.2 gigawatts and grid interconnections already in place across Pennsylvania, Washington State and Quebec.

That pipeline is the inventory Keel is trying to lease before the cash generated from the bitcoin sale, plus whatever remaining Quebec mining produces, runs down. The company's remaining mining footprint sits in Quebec specifically because regulated power rates there still support production economics — but under the new policy, those coins will no longer accumulate on the balance sheet. They will be sold the day they are mined, converting hashrate output directly into cash for infrastructure construction rather than into a treasury asset that moves with bitcoin's price.

Bitcoin Magazine's reporting situates Keel within a broader trend among public miners: Riot Platforms and Hut 8 have each sold thousands of bitcoin this year to fund AI builds and share buybacks, and Riot this week named Anthropic as the tenant on a roughly $28 billion Texas lease, according to the same report. Public miners that once marketed themselves to investors as bitcoin accumulators are increasingly converting their power contracts and land holdings into AI compute capacity instead of crypto treasuries.

CoinHours Analysis: A Treasury Exit Amid a Fear-Dominated Market

CoinHours' own cached market data (saved 2026-11-06T09:17:30.215+00:00) provides useful, clearly separate context for the environment in which Keel made this decision — though it does not establish causation for the company's strategic choice. CoinHours' saved Fear & Greed Index reading, captured 2026-11-06T09:17:30 UTC via Alternative, stood at 28, classified as "Fear." CoinHours' cycle indicators snapshot from 2026-11-06T08:45:02 UTC placed bitcoin's price at roughly $75,446.55, with the market 84.42% of the way to bitcoin's all-time high of $124,658.54 recorded on 2025-10-06, and a composite cycle score of 45 labeled "Mid Bull." Bitcoin dominance in that same snapshot was 59.87%.

Taken together, these figures describe a market in which sentiment has cooled into Fear territory even as cycle positioning metrics remain in a "Mid Bull" classification well off the cycle highs. A company exiting its bitcoin treasury and committing to sell newly mined coins daily — rather than hold them through price swings — is a hedge against exactly the kind of volatility implied by a Fear reading of 28. Whether that decision was explicitly influenced by near-term price sentiment is not stated in Bitcoin Magazine's reporting; Keel's own stated rationale, per the company's release, is about eliminating treasury price exposure entirely and reallocating capital toward power and data-center infrastructure rather than timing the cycle.

What Comes Next

The open question identified in Bitcoin Magazine's reporting is whether Keel's leases close on the terms Gagnon described before its cash position is spent down. The company says competitive tension is high at all three near-term sites — Moses Lake, Sharon and Panther Creek — and that multiple creditworthy parties are at the table for leases. Until a signed lease materializes, the $192 million bitcoin sale stands as the clearest evidence that Keel has abandoned the treasury-accumulation strategy it pursued as Bitfarms, in favor of becoming what the report characterizes as an AI infrastructure landlord funded by converted mining assets and daily-liquidated coin production.

Further reading / context